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The latest development in the XRP lawsuit saw Ripple file an appeal again, for the sealing of certain Exhibits. This time around the defendants has filed a letter motion to seal limited excerpts that also include two exhibits from the Interrogatories Dispute, that the SEC filed under seal in support of its September 8, 2021, letter.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple files Motion to Seal Exhibits regarding Motion to Compel answers to interrogatories identifying the theory of how the Howey Test applies to transactions in XRP over the last 8 years.https://t.co/J9F4DhKfGq
â James K. Filan (@FilanLaw) September 16, 2021
Ripple argued against the Judicial status of the Exhibits in question. The defense asserted that the requested Exhibits are âdiscovery materials filed with the court in connection with discovery-related disputes.â Therefore, these exhibits have acquired the âConfidentialâ designation according to âthe Protective Orderâ which in turn proves that these are not judicial documents and henceforth, are not entitled to a presumption of public access.
Ripple argues that Exhibits are âirrelevantâ
Ripple highlighted the irrelevance of these Exhibits. The defendants argued that the sealing of these documents will not impact the SECâs responses in the Interrogatories Dispute, as the SEC has not referenced the specific information that Ripple is seeking to seal but has only referenced the whole of these Exhibits.
Additionally, Ripple also argued against the issue of public interest, claiming that there lies no presumptive public access, and even if it was allowed, the interest would be âminimalâ. Along with this, Ripple highlights the âLugosch v. Pyramid Co. of Onondagaâ verdict that emphasizes that such information is irrelevant to the âperformance of the judicial functionâ or useful in the judicial process, and courts routinely recognize it as âproperly sealableâ.
âNeither of these documents is relevant, much less material, to the merits of the SECâs letter response, which concerns the SECâs responses to Defendantsâ Interrogatories. Accordingly, there is no presumptive public access to these documents and, even if there were, the publicâs interest in them would be minimalâŠIt is irrelevant to the SECâs Letter. Indeed, to the extent the SEC even references these exhibits, the SEC does not reference the information Ripple seeks to sealâ
Ripple mentions âcompetitively sensitive business informationâ
Ripple presents the concern of âcompetitively sensitive informationâ available in the mentioned Exhibits. Ripple claims that it is essential to maintain confidentiality as third-party legal business information, along with the plaintiffâs record of lacking digital assets guidance will be highlighted if the data is made available for public presumptions.
âThere is also a strong interest in maintaining the confidentiality of the narrowly tailored excerpts that Ripple Proposes to seal. These excerpts contain competitively sensitive business information regarding Rippleâs contracts and work orders with third-party customers, as well as non-public memoranda concerning the SECâs lack of digital asset guidance.â
The post XRP Lawsuit: Ripple files for yet another seal appeared first on Coingape.
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